Project nearing completion

[Carboholic]

We have a subdivision bond that is coming up for renewal soon. The job is about 95% complete. It will take another few months to finish, so we will still need the bond. Since most of the work is done though, is there any way to get the bond amount decreased, so that we're not paying as much premium to renew it?

[Hamburglar]

If you can provide documentation from the obligee that the job is almost complete and the bond amount should be reduced prior to the due date of your bond - the adjustment can be made to reduce your premium. If you cannot obtain this documentation - you will be required to make the premium payment by the due date and the adjustment can always be made after the fact.

[Carboholic]

Originally Posted by Hamburglar

If you can provide documentation from the obligee that the job is almost complete and the bond amount should be reduced prior to the due date of your bond - the adjustment can be made to reduce your premium.

Exactly what type of documentation is needed? I want to know what to ask the township for. Will I need to start by asking them to perform a site inspection?

[Hamburglar]

You will need to provide a letter from the obligee (usually in the form or a resolution) showing that the bond has been reduced or released. This can ONLY come from the obligee. Don't be fooled into thinking you can get something from the engineers - as only a letter from the obligee would suffice.